Brent oil – Downward channel on 4-hour chart
Despite Brent’s recovery from the low of $49.63 to $50.64, the outlook remains bullish given the falling channel is intact on the 4-hr chart.
The rejection at 5-DMA of $50.80 followed by a break below $50.20 (Oct 25 low) would open doors for a test of falling channel support.
Bearish invalidation is seen only if prices breach falling channel on the higher side.
The rejection at 5-DMA of $50.80 followed by a break below $50.20 (Oct 25 low) would open doors for a test of falling channel support.
Bearish invalidation is seen only if prices breach falling channel on the higher side.
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